Anika Begay
In a surprising proposal at the 2024 Asia Blockchain Summit, Samson Mow, CEO of bitcoin technology company JAN3, recommended that Taiwan adopt BTC as part of its national reserve strategy by purchasing 83,000 units of the cryptocurrency. This figure is directly tied to Taiwan’s gold reserves, which are significantly higher than those of the United Kingdom.
Will Taiwan Be the Next Country to Adopt Bitcoin?
Samson Mow’s advocacy for Bitcoin comes from his extensive experience in promoting its adoption domestically, as seen through his previous involvement in El Salvador’s Bitcoin initiatives. According to Mow, BTC adoption could produce similar economic benefits for Taiwan, including increases in tourism, GDP, employment, and foreign investment. “The nation-state playbook is there to be copied/pasted, and JAN3 is there to help,” he said during his keynote address.
During his keynote address, Mow stated, “Taiwan’s goal should be to accumulate 83,000 Bitcoin for its reserves.” He justified this specific number by comparing Taiwan’s gold reserves (422 tons) to the UK’s 310 tons, noting that Taiwan holds about 35% more gold. By this logic, he argued, Taiwan should also hold 35% more Bitcoin than the UK’s 61,245 BTC.
“The basis for the 83,000 Bitcoin figure is Taiwan’s gold reserves versus the UK’s. Taiwan has 422T versus the UK’s 310T. So Taiwan has about 35% more gold. The UK has 61,245 BTC. So Taiwan should also have 35% more,” Mow noted.
The proposed BTC investment would represent less than 1% of Taiwan’s GDP, a figure Mow highlighted as strategic and prudent. He emphasized the feasibility of this investment by referencing Taiwan’s military spending, which last year stood at 2.6% of GDP. “A 1% allocation to Bitcoin for strategic Bitcoin reserves seems prudent,” Mow said via X on Thursday.
Apparently, the idea hasn’t reached the highest levels of government yet. Mow revealed via X: “Someone told me that there were some people in the TW government listening to my speech. Let’s see what happens.”
The implications of such an investment have sparked widespread discussion among experts. User X @VeteranHODL commented: “Bitcoin would add resilience to the Taiwanese financial system during a potential [Chinese] block. It is first-rate insurance.”
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This discussion comes on the heels of an intensifying global push to nationalize BTC reserves, recently highlighted by former US President Donald Trump at the 2024 Bitcoin conference. Trump argued that the US should establish a “strategic national reserve” of already confiscated BTC to secure a leadership position in global adoption.
Notably, the idea has already made its first waves. Johnny Ng, a member of the Legislative Council of Hong Kong, has also expressed his support for BTC as a reserve asset in the country, emphasizing its potential to serve as a valuable economic safeguard.
At press time, BTC was trading at $57,389.
Featured image by X @Excellion, chart by TradingView.com
